The European Commission (EC) has launched a second hydrogen auction to boost clean energy projects and help build the world’s renewable energy capacity. The $1.26 billion hydrogen auction had a notably expanded budget compared to the first hydrogen auction and was launched under the European Hydrogen Bank.
This second auction is meant to boost the production of Renewable Fuel of Non-Biological Origin (RFNBO) in the European Economic Area (EEA). Renewable hydrogen is expected to play a major role in the European Union’s transition to clean energy alongside solar, wind, hydropower, and geothermal energy.
The second hydrogen auction began on December 3rd and will run until February 20, 2025, with a notably larger budget compared to the first auction (+$421 million). This is a testament to the European Commission’s dedication to develop hydrogen infrastructure and support the European Union’s plans to decarbonize its massive economy.
$1.05 billion of the funds allocated to the second hydrogen auction was reserved for projects that can produce renewable hydrogen, while $210 million is reserved for the maritime sector, indicating the EC’s commitment to making maritime long-haul transport emission-free.
Unlike the first auction, this round used an innovative ‘auctions-as-a-service” procedure to make hydrogen project financing more efficient. The new system allows EU member states to support renewable hydrogen projects that have shown potential but struggle to secure Innovation Fund grants because of limited budgets.
Countries like Austria, Lithuania, and Spain can use the system to take advantage of national funds and invest in hydrogen production locally without going through the financial and logistical hassle of running different national auctions.
These three nations have promised to jointly contribute $880 million to provide support to national renewable hydrogen projects. The scheme is expected to attract significant private investment and help the European Union maintain its leadership in the burgeoning clean energy segment.
The second hydrogen auction was part of the Innovation Fund (IF24) and is integral to the European Union’s wider plan to increase its renewable hydrogen production and help meet its energy transition goals. The IF24 Auction’s goals align with the Renewable Energy Directive, the Green Deal Industrial Plan, and the REPowerEU Plan and aim to help the regional bloc make its industries more competitive while simultaneously championing green energy use.
Provided by national contributors as well as the European Hydrogen Bank, the funding for the second hydrogen auction is set to reach around $2.1 billion, more than enough to speed up renewable hydrogen adoption and help the EU decarbonize its economy.
As more regional blocs like the EU undertake practical steps to boost the penetration of clean energy, for-profit enterprises like Energy and Water Development Corp. (OTCQB: EAWD) within this industry could see themselves entering partnerships with governments to support the energy transition.
NOTE TO INVESTORS: The latest news and updates relating to Energy and Water Development Corp. (OTCQB: EAWD) are available in the company’s newsroom at https://ibn.fm/EAWD
About GreenEnergyStocks
GreenEnergyStocks (“GES”) is a specialized communications platform with a focus on companies working to shape the future of the green economy. GreenEnergyStocks is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, GES is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists, and the general public. By cutting through the overload of information in today’s market, GES brings its clients unparalleled recognition and brand awareness. GES is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from GreenEnergyStocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.GreenEnergyStocks.com
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
GreenEnergyStocks
Los Angeles, CA
www.GreenEnergyStocks.com
310.299.1717 Office
[email protected]
GreenEnergyStocks is powered by IBN